All categories

2 years ago

If Betty makes monthly deposits at the end of each month in an account that earns 8% interest compounded monthly,

Mathematics

1 answer:

Svetlanka [38]2 years ago

4 0

9514 1404 393

Answer:

(a) $254.08

(b) $767.34

Step-by-step explanation:

These questions are best answered by a financial calculator or app. Such are available for your phone or tablet. A spreadsheet also has built-in functions for making these calculations.

(a) FV = $40,000, i = 8% per year, n = 9 years (108 months), compounding 12 times per year. The monthly deposit needs to be $254.08.

(b) Payment = $254.08, n = 3 months, i = 8%/year, compounding 12 times per year. FV = $767.34.

108 × $254.08 = $27,440.64

The interest earned is enough to bring the account value to $40,000, so is ...

$40,000 -27,440.64 = $12,559.36

_____

<em>Additional comment</em>

The amount $254.08 is rounded down to the nearest cent, so the balance after 9 years will be $39,999.70, which is $0.30 short of $40,000. We used $40,000 as the final account balance, so overestimated the interest by $0.30.

There may be additional small changes in the values if you round interest to the nearest cent each month the way a financial institution would. It is hard to tell in these problems how accurate you're intended to be in your calculations.

You might be interested in

Graph g(x)=2+|x| and it’s parent functions

matrenka [14]

The parent function is ...

... f(x) = |x|

This is the absolute value function, equal x when x ≥ 0, and equal to -x when x < 0. Its graph has the shape of a V with the vertex at the origin and "legs" of slope ±1.

The function g(x) is the same function with 2 added. The addition of 2 moves every value of f(x) up 2 units, so translates the whole graph upward by 2 units.

8 0

3 years ago

Mars is extremely far from the Earth. Scientists estimate that it could take astronauts 245 days to travel from Earth to

Ksivusya [100]

Answer:

Step-by-step explanation:

We would liken the given scenario to distance speed and time relationship. The formula for determining average speed is

Total Distance/ total time

Since the distance between Earth and Mars is 108 million miles(108 × 10^6) the trip takes 245 days, then on average, the number of miles that the astronauts would travel each day would be

108 × 10^6/245 = 440816 miles per day

Writing in powers of 10, it becomes 4.4 × 10^5 miles per day

Rounding to the nearest whole number, it becomes 4 × 10^5 miles per day

3 0

3 years ago

ANYONE KNOW HOW TO DO THIS IM BEGGING

iren2701 [21]

1 is reflection
Basically u got to look at what happens to the original shape

3 0

3 years ago

An investment website can tell what devices are used to access their site. The site managers wonder whether they should enhance

lbvjy [14]

Answer: a) Unimodal and symmetric

b) 0.26

c) 0.038

Step-by-step explanation:

Given: Sample size of investors (n)= 131

True proportion of smartphone users(p) =26%

a) Since sampling distribution for the sample proportion is approximately normal when n is larger.

Normal distribution is Unimodal and symmetric.

So correct option : Unimodal and symmetric

b) mean of this sampling distribution = p = 0.26

c) standard deviation of the samplingdistribution = $\sqrt{\dfrac{p(1-p)}{n}}=\sqrt{\dfrac{0.26\times (1-0.26)}{131}}=\sqrt{0.00146870229008}$

$=0.0383236518364\approx0.038$

6 0

3 years ago

Help me with this please

KiRa [710]

No pongas foto por que no puedo ver y no te puedo responder

7 0

3 years ago